Naturalgas On MCX Settled Down -2.39%

Naturalgas on MCX settled down -2.39% at 192.10 dropped in the line of expectation first time in three days, as investors cashed out of the market to lock in gains from a recent rally which took prices to the strongest level in almost two weeks.

Natural gas prices have drifted lower, although retreats have been limited by underlying confidence surrounding demand. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand.

Hot high pressure with highs of 90s and 100s will dominate much of the country this week for strong demand besides portions of the Upper Great Lakes and Northeast. A weak weather system will bring showers and minor cooling across the Great Lakes and East this weekend, while remaining hot over most of the rest of the country. Hot high pressure will retake ground over the northern and eastern US early next week with much stronger than normal national demand.

Overall, nat gas demand will be high to very high besides the northeastern US. Market participants looked ahead to weekly storage data due on Thursday, which is expected to show a build in a range between 51 and 61 billion cubic feet in the week ended July 7. That compares with a gain of 72bcf in the preceding week, an increase of 64 billion a year earlier and a five-year average rise of 72bcf. Technically market is getting support at 190.3 and below same could see a test of 188.5 level, And resistance is now likely to be seen at 195.3, a move above could see prices testing 198.5.

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Suhani Verma

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